Va. Getting Close To Increasing R&D Tax Credit

Law360, New York (February 25, 2014, 1:31 PM EST) -- Virginia lawmakers on Monday moved one step closer to approving legislation that would increase the size of the state's research and development tax credit.

Virginia's House Finance Committee voted 21-0 in favor of moving the bill forward. The legislation, which will now head to the House floor, would make a number of changes to the R&D credit, including increasing the maximum amount of tax credits the stay can issue each fiscal year from $5 million to $6 million.